Riverstone Holdings Announces Formation of Riverstone Credit Opportunities, L.P.
New York, NY and London, UK (9 January 2015) - Riverstone today announced the formation of Riverstone Credit Opportunities, L.P. ("RCO"). RCO is a newly created portfolio company formed to take advantage of the current dislocation in the leveraged capital markets for energy companies. Riverstone has committed $375 million to RCO, which is comprised of up to $250 million from Riverstone Global Energy and Power Fund V ("Fund V") and up to $125 million from Riverstone Energy Limited ("REL").
RCO is being advised by Riverstone's credit investment team, led by Christopher Abbate and Jamie Brodsky, both of whom joined Riverstone in July 2014 after a decade of leading the energy leveraged finance efforts at Citi, Nomura and UBS. That experience, combined with the expertise of the broader Riverstone investment team and platform, uniquely positions RCO to benefit from the current environment.
RCO expects to make investments in market-based opportunities, direct investments and in capital relief opportunities.
Pierre Lapeyre and David Leuschen, Co-Founders of Riverstone, said: "We are extremely excited about the credit opportunity in the current environment. The market dislocation in the energy sector has created a rare opportunity to generate "equity‐like" investment returns for Fund V and REL at more senior and better protected entry positions in the capital structure."
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About Riverstone Holdings LLC
Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houston and Mexico City, the firm has committed approximately $28 billion to 114 investments in North America, Latin America, Europe, Africa and Asia.
About Riverstone Energy Limited
REL is a closed-ended investment company that invests exclusively in the global energy industry, with a particular focus on the exploration & production and midstream sectors. The company is uniquely positioned to benefit from the large number of investment opportunities being driven by the North American energy revolution and the continued growth in global energy demand. REL aims to capitalize on the opportunities presented by Riverstone's energy investment platform. REL is a member of the FTSE 250 and its ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE. To date, REL has invested in 10 energy companies spanning conventional and unconventional oil and gas activities in the Gulf of Mexico, Continental U.S., Western Canada, the U.K. North Sea, the Norwegian Sea, and Mexico.
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